Pieology Files for Bankruptcy: A Look at the Fast-Casual Pizza Chain's Challenges and Future Plans
Pieology, a fast-casual pizza chain, has filed for bankruptcy after facing challenges with declining sales and increasing costs. The parent company, Little Brown Box Pizza LLC, filed for Chapter 11 protection, citing liabilities between $1 million to $10 million. The company reported a 10% decrease in sales last year and owes money to over 200 creditors, including landlords and vendors. Despite the bankruptcy filing, Pieology plans to restructure while continuing to serve its customers.
Founded in 2011, Pieology experienced growth during the build-your-own pizza trend alongside competitors like Blaze Pizza and MOD Pizza. The chain reached its peak in 2017 with nearly 150 locations nationwide, but has since decreased to around 40 locations, primarily in California, with a few in Texas, Nevada, Hawaii, and Florida. Pieology expanded to Michigan in 2015 but closed four out of five locations by October 2018.
Despite its current financial struggles, Pieology had previously attracted investments from notable figures like NBA star Kevin Durant and the founders of Panda Express. The company's bankruptcy filing marks a challenging period for the once-promising brand as it navigates through the restructuring process to address its financial obligations and operational issues.